# In the matter of Lovepac Converting Private Limited CP(IB)-196(CHE)-2022

> NCLT judgment dated 2022-11-18. Citation: TCN-2022-NCLT-00401. The case pertains to a Company Application filed by the Liquidator, S. Diravam, for the…

- **Court:** NCLT
- **Order date:** 18 Nov 2022
- **Citation:** TCN-2022-NCLT-00401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lovepac-converting-private-limited-cpib-196che-2022-b7835fe0

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator, S. Diravam, for the voluntary liquidation of Lovepac Converting Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 27.06.2009 and engaged in manufacturing, converting, designing, developing, producing, selling, importing, exporting, procuring, and trading activities. The Board of Directors, after assessing the company's financial stability, passed a special resolution on 02.03.2020 to voluntarily liquidate the company and appointed Mr. S. Diravam as the liquidator. The application seeks the dissolution of the company after completing the liquidation process.

## Facts

Lovepac Converting Private Limited underwent voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 27.06.2009 and was involved in manufacturing and trading activities. On 02.03.2020, the Board of Directors passed a special resolution to liquidate the company voluntarily, appointing S. Diravam as the liquidator. A declaration of solvency was filed on 02.03.2020. The company's registered office is located in Chennai. The authorized share capital was Rs. 18,50,00,000, and the issued, subscribed, and paid-up share capital was Rs. 18,49,68,000. The company had only one bank account with RBL Bank Limited. An amount of Rs. 17,50,000 was transferred to M/s. Nolato AB, Sweden, a shareholder of the company, on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Lovepac Converting Private Limited was conducted in …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, along with the Voluntary

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**Reasoning:** The court examined the various steps taken by the liquidator, including the filing of

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**Interpretation:** Section 59 and related regulations are interpreted to ensure that the voluntary

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**Application:** In this case, the liquidator followed the prescribed procedures, filed the

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## Parties

- **Judges:** DEEPTI M…; SAMEER…
- **Appellants:** S. DIR…
- **Respondents:** Lovepac Converting…
- **Advocates:** R. Satish…

## Timeline

- **2009-06-27 — Company Incor…**: Lovepac Converting Private…
- **2020-03-02 — Special Resolution for…**: The Board of Directors passed a special resolution to liquidate the company voluntarily…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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